Currently, the altcoin total market cap is consolidating beneath its all time high, after shortly breaking it and rejecting.
As long as this trades between ~$840B & ~$1.1T I think it will be choppy.
The Euphoria/Mania Phase should begin upon breaching the all time high and moving into price discovery.
If this were to trade back below ~$800B, I'd be a bit more cautious. It could technically still be a higher low at that point but it would not be ideal for the overall structure. I don't think the market has much business going back down there if this wants to go higher in 2025.
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